McCormick acquires Billy Bee Honey Products
February 20, 2008
by FoodBusinessNews.net Staff
SPARKS, MD. — McCormick & Co., Inc. has purchased shares of Billy Bee Honey Products Ltd. for $75 million in cash.
"An important avenue of growth at McCormick is the acquisition of leading brands," said Alan D. Wilson, president and chief executive officer. "In November 2007, we had exciting news with the announcement of our agreement to acquire the Lawry’s business. Today’s announcement of the Billy Bee acquisition reflects our continued commitment to our acquisition strategy.
"Consumers in Canada know Billy Bee and Doyon as trusted brands of pure, natural honey . . . This is a terrific complement to our savory products in Canada and a great extension of the sweet products we currently market in Europe and the Asia/Pacific region."
Billy Bee is a well-known Canadian food brand, and Billy Bee Honey Products also sells Doyon brand products. Annual sales are about $37 million, and the acquisition is expected to be accretive to earnings and supports the company’s 8-10% earnings per share growth objective.
"Over the past 50 years, the management and employees of Billy Bee have created a well-established business and in recent years have launched some exciting value-added products," Mr. Wilson said. "We look forward to working together to achieve further growth through innovation and distribution expansion."